NUF, page-60

I have to disagree about one thing. The WLP is no longer an undefined problem. It is finite. C&L will be moved to AU. That there should be no more WLP produced in M after late 2023 Early ’24. This puts limits on the amount of WLP. Knowing this should help the People relax and come up with a solid plan. I do not think it is the correct thing to do but I think it will end up being a PDF. I believe recycling it is better. Politically I just do not see it happening. Once WLP is solved then people will no longer confuse WLP and NUF which I think happens allot, many times deliberately. Then it will be easier to decide what to do with NUF. I hope it is Recycle. We will need much more time to see what happens. I believe POL is correct and REO prices will rise and when that happens the income from recycling or cost of PDF for NUF will be just a blip on Lynas’s earnings. Blip is less than a AUD 20M / first year swing between them. Then ongoing less than 5M / year.